therefore, during difficult andet environments we file better protect capital than the equity markets, certainly more than listed private equity. >> how are you seeing this entirely week -- entire of private assets going? whatever category, how do you see it from a bigger picture point of view? >> it started in germany and grew. it took a long time for the interest to develop, like anything else, the proof was in the putting. we have competitors in there who have done well and it has really started to grow and i think that the industry and ourselves, specifically, achieved the best years not only in raising, but producing the types of returns investors expect. >> there is this idea of transparency, as well, which had only been available to a select group of very rich people and institutions before. >> correct. now when you have a daily value open-end mutual fund, the transparency is stupendous. we can provide whatever level the individual advisor wants to give to his or her client. >> how did you pick the managers? >> very few people could do something like this in the private equity